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Lumax International Corp (6192) Fair Value & Analysis

Industrials · TW · Market cap 11.2B TWD

LI Lumax International Corp 6192 · TW
Price116.00 TWD
Fair Value173.23 TWD
Upside+49.3%
Quality68/100
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Mixed Growth
Solidly profitable · 12.8% net margin
Low debt · generates free cash flow
5.07% dividend yield
Ranks above peers (12/15)
Moderate moat 56/100
Evidence: High Range 125.13 TWD – 233.65 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from 173.35 TWD to 173.23 TWD (−0.1%) since Jul 12, 2026. Share price −3.3% over the past month.

A solid business, screening 49% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (125.13 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (125.13 TWD to 233.65 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

133.50 TWD 61.82 TWD Fair Value 173.23 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 61.82 TWD – 133.50 TWD · fair‑value band 125.13 TWD – 233.65 TWD · the 116.00 TWD price screens below the 173.23 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Lumax International Corp (6192) currently trades at 116.00 TWD, while our model-based Fair Value estimate is 173.23 TWD, implying the stock looks roughly 49.3% undervalued today. The Quality Score stands at 68/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Lumax International Corp generated revenue of 7.3B TWD at a net margin of 12.8%. Revenue declined 0.6% year over year. It earns a return on equity of 13.3%. The balance sheet holds a net cash position of 1.7B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 125.13 TWD (bear case) to 233.65 TWD (bull case); at 116.00 TWD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -35% fair-value upside, at 49%, 6192 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 114.81 TWD 149.59 TWD 200.17 TWD 80
Residual Income 74.24 TWD 88.84 TWD 169.29 TWD 76
Rev-Margin DCF 109.63 TWD 154.91 TWD 204.73 TWD 74
All 24 models by family
DCF Models
FCF DCF 111.56 TWD 147.98 TWD 203.69 TWD 38
Owner Earnings 124.04 TWD 165.34 TWD 228.55 TWD 31
5Y Revenue Exit 109.63 TWD 153.57 TWD 209.92 TWD 39
5Y EBITDA Exit 123.91 TWD 178.34 TWD 241.55 TWD 41
5Y P/E Exit 139.84 TWD 205.98 TWD 274.59 TWD 38
10Y Revenue Exit 106.85 TWD 145.77 TWD 191.84 TWD 36
10Y EBITDA Exit 118.38 TWD 162.29 TWD 213.96 TWD 37
10Y P/E Exit 128.25 TWD 180.74 TWD 237.07 TWD 35
Earnings-Based
Graham-Dodd 68.44 TWD 135.22 TWD 169.53 TWD 54
EPV 112.84 TWD 128.52 TWD 142.24 TWD 59
Dividend Discount
Gordon GGM 50.50 TWD 71.63 TWD 93.33 TWD 70
DDM Multi-Stage 50.50 TWD 70.83 TWD 94.49 TWD 61
Multiples
P/E Multiple 158.52 TWD 211.36 TWD 264.20 TWD 63
P/S Multiple 114.77 TWD 153.03 TWD 191.28 TWD 58
P/B Multiple 128.33 TWD 171.10 TWD 213.88 TWD 55
EV/EBIT 179.71 TWD 233.35 TWD 286.99 TWD 53
EV/EBITDA 148.17 TWD 191.30 TWD 234.43 TWD 54
EV/Revenue 115.19 TWD 156.50 TWD 197.82 TWD 43
Asset-Based
NCAV (Graham) 39.10 TWD 52.40 TWD 78.20 TWD 50
Growth DCF
Growth DCF 114.81 TWD 149.59 TWD 200.17 TWD 80
Rev-Margin DCF 109.63 TWD 154.91 TWD 204.73 TWD 74
Economic Profit
Residual Income 74.24 TWD 88.84 TWD 169.29 TWD 76
ROIC Compounder 115.35 TWD 135.66 TWD 156.92 TWD 72
Growth Earnings
Growth-Adj P/E 114.53 TWD 163.62 TWD 212.70 TWD 68

Widest divergence: Multiples (171.10 TWD) versus Asset-Based (52.40 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 7.3B TWD
Revenue growth (YoY) -0.6%
Net margin 12.8%
Return on equity 13.3%
Free cash flow 863M TWD FY2025
P/E ratio 11.7
More key figures
Operating margin 17.1%
EPS (TTM) 9.94 TWD
Dividend yield 5.1%
EPS growth (YoY) -10.0%
Net cash 1.7B TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 67 · Market factors (momentum, volatility) 57

Profitability 48
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 95
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Lumax International Corp., Ltd., together with its subsidiaries, trades in electronic components and process control instruments in Taiwan, China, and internationally. It operates through Process Control Instrument, Process Control System, Telecommunication System, Electronics Component, and Other Process Control segments.

Full company description

Lumax International Corp., Ltd., together with its subsidiaries, trades in electronic components and process control instruments in Taiwan, China, and internationally. It operates through Process Control Instrument, Process Control System, Telecommunication System, Electronics Component, and Other Process Control segments. It provides process automation consultancy during plant buildup; hardware/system installation; project management; and control valve maintenance services for the petrochemical, electronic, steel, and other non-tech enterprises. The company also sells hardware products for the calibration, inspection, and maintenance of control valves, switch valves, measurement instruments, analyzing instruments, and others; and provides control valve repair services, and Lumax valve and VOC anti-leakage solutions. In addition, it engages in investment activities; machinery and equipment contract; integration of process control systems; sale of valves, cocks, mechanical equipment and instrumentation products, and special equipment for chemical production; other technical services related to component manufacturing; information consulting; conference and exhibition; technology development, consulting, exchanges, transfer, and promotion; and instrument repair activities. Further, the company is involved in the installation of mechanical and electrical equipment; on-site maintenance; import and export of goods and technologies; assembly, repair, and instrument calibration of mechanical and electrical products; and assembly, maintenance, commissioning, and technical consultation and service of electromechanical equipment. Lumax International Corp., Ltd. was incorporated in 1975 and is headquartered in Taipei, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lumax International Corp reported revenue of 7.4B TWD in FY2025 versus 6.3B TWD in FY2021, a compound +4.1%/yr. Reported net income was 968M TWD in FY2025, compounding +3.3%/yr from FY2021.

Growth Quality 71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
7.4B TWD
Latest YoY
−6.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.4%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.8%
Revenue +4.1%/yr
FY21 6.3B TWD
FY22 6.5B TWD
FY23 6.7B TWD
FY24 7.8B TWD
FY25 7.4B TWD
Net income +3.3%/yr
FY21 851M TWD
FY22 890M TWD
FY23 786M TWD
FY24 1.0B TWD
FY25 968M TWD
Character of growth · EPS growth decomposed (2014-2025) +6.6 % p.a.
Revenue per share +4.8 pp

of which total revenue +3.5 pp · buybacks/dilution +1.3 pp

EBIT margin +1.9 pp
Tax rate −0.4 pp
Residual (interest, one-offs) +0.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Lumax International Corp Fair Value". https://www.fairvalue-calculator.com/stock/6192

Peer Group

Industrial Distribution · 102 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 68 · Top 25%
Fair Value upside +49% · Above median
Return on equity (TTM) 13% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 17% · Top 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 5.1% · Top 25%

Valuation Multiples vs Industrial Distribution median · lower = cheaper

P/E (TTM) 11.7× · Cheaper than 75% of peers
P/B 1.49× · Pricier than median
P/S (TTM) 1.53× · Pricier than 75% of peers
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 7.3× · Cheaper than median
PEG 0.72× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 99 · sector 19
FUTURE 0 · sector 19
PAST 53 · sector 37
HEALTH 100 · sector 90
DIVIDEND 100 · sector 31

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Industrial Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
W.W. Grainger, Inc GWW $1,376 $625.61 -55%
Fastenal Company FAST $45.49 $20.64 -55%
Ferguson Enterprises Inc FERG $232.02 $151.92 -35%
WESCO International, Inc WCC $326.71 $213.01 -35%
Watsco, Inc WSO $385.16 $268.10 -30%
Toromont Industries Ltd TIH C$232.22 C$127.90 -45%
Applied Industrial Technologies, Inc AIT $329.35 $191.65 -42%
Finning International Inc FTT C$102.50 C$76.38 -25%
Addtech AB ADDTB kr 329.20 kr 156.35 -53%
Core & Main, Inc CNM $44.66 $49.47 +11%

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Frequently asked questions

Is Lumax International Corp (6192) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 173.23 TWD versus a price of 116.00 TWD, about +49% (undervalued).
What is the fair value of 6192?
Our model-based fair value for Lumax International Corp is 173.23 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 116.00 TWD.
What is the quality score of 6192?
Lumax International Corp has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Lumax International Corp (6192)?
Lumax International Corp reported trailing-twelve-month revenue of about 7.3B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6192?
The net profit margin of Lumax International Corp is about 12.8%, meaning it keeps roughly 12.8% of revenue as net income. Based on the latest reported figures.
Does Lumax International Corp pay a dividend?
Lumax International Corp currently shows a dividend yield of about 4.94% relative to its recent price (as of Jul 21, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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